calculator
Savings Goal Calculator
Shows how much to save each month to reach a goal by a date, or how long it will take at a set amount.
R1 441 a month
Save this each month to reach R20 000 in 12 months.
Want help interpreting this? Talk to a person
What you will need
- Goal amount (R)
- By when (months from now) (months)
- Already saved (R)
- Interest earned per year (%)
- Or: amount I can save each month (R)
How it works
r = annual_rate/100/12. fv_current = current * (1+r)^months. needed = max(0, goal_amount - fv_current). monthly_required = needed/months if r == 0 else needed * r / ((1+r)^months - 1). If monthly_amount given: solve months_needed = smallest m where current*(1+r)^m + monthly_amount*(((1+r)^m - 1)/r or m if r=0) >= goal_amount (iterate up to 600). Stokvel tip: if the member saves in a stokvel, count their expected payout as a lump sum in the month it is due.
What you get
- Save this much each month
- Months to reach goal at your amount
What it means
- This is a big share of your income; consider a later date or a smaller first goal.
- You already have enough to reach your goal.
Next step: Want help interpreting this? Talk to a money coach about a savings plan.
Runs on the device. Nothing is saved unless the member chooses.